Penserra Capital Management LLC Raises Stock Position in DigitalOcean Holdings, Inc. $DOCN

Penserra Capital Management LLC raised its position in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 27.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 293,132 shares of the company’s stock after acquiring an additional 62,725 shares during the period. Penserra Capital Management LLC owned approximately 0.32% of DigitalOcean worth $10,013,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the business. Norges Bank acquired a new stake in DigitalOcean in the 2nd quarter worth approximately $22,633,000. Lazard Asset Management LLC lifted its holdings in shares of DigitalOcean by 34.5% during the second quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company’s stock worth $47,430,000 after purchasing an additional 426,264 shares during the period. Van Berkom & Associates Inc. boosted its position in DigitalOcean by 33.1% in the third quarter. Van Berkom & Associates Inc. now owns 1,564,991 shares of the company’s stock valued at $53,460,000 after buying an additional 389,161 shares during the last quarter. Mizuho Markets Americas LLC acquired a new position in DigitalOcean in the 3rd quarter worth approximately $12,122,000. Finally, Frontier Capital Management Co. LLC raised its position in DigitalOcean by 75.9% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 706,227 shares of the company’s stock worth $20,170,000 after buying an additional 304,805 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on DOCN shares. Weiss Ratings restated a “hold (c+)” rating on shares of DigitalOcean in a research note on Monday, December 29th. Barclays boosted their price target on DigitalOcean from $49.00 to $63.00 and gave the company an “overweight” rating in a report on Monday, January 12th. Piper Sandler raised their price objective on shares of DigitalOcean from $47.00 to $50.00 and gave the stock a “neutral” rating in a research note on Monday, January 5th. Canaccord Genuity Group boosted their target price on shares of DigitalOcean from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Finally, UBS Group raised their price target on shares of DigitalOcean from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $52.25.

DigitalOcean Trading Down 2.0%

DOCN stock opened at $57.17 on Thursday. DigitalOcean Holdings, Inc. has a 12-month low of $25.45 and a 12-month high of $64.09. The business’s 50-day moving average is $50.86 and its 200 day moving average is $41.65. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of 23.05, a PEG ratio of 8.37 and a beta of 1.77.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.31 by $0.23. DigitalOcean had a negative return on equity of 92.51% and a net margin of 29.15%.The firm had revenue of $229.63 million during the quarter, compared to analysts’ expectations of $226.55 million. During the same quarter last year, the firm earned $0.52 earnings per share. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, equities analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

DigitalOcean Profile

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.